The Embeddedness of Economic Action: Piracy Edition!

I don’t listen to NPR as often as I would like, in part because my commute is a 10 minute walk, but a friend today sent me an excellent bit from Planet Money. Yesterday’s podcast revisits piracy, and consists largely of a very funny story about how a pirate negotiator and a businessman hit it off after completing a negotiation for the release of some kidnapped employees. Here’s the story. I recommend it as an excellent example of the embeddedness of pirate action in social structure! (Of course, you’ll mostly get the economics angle involving information and bargaining, but that’s Planet Money for you.)

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